Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — H1 2024 Earnings Presentation
32 slides from Porsche's earnings presentation, Jul 24, 2024
Slide 1: Porsche Press & Analyst Call H1 2024
Porsche Press & Analyst Call H1 2024 J U LY 2 4 , 2 0 2 4 PORSCHE PRESS & ANALYST 1 CALL H1 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and prove to be incorrect, the actual results may be materially information that reflect Dr. Ing. h.c. F. Porsche AG's current views different from those Porsche AG expresses or implies by such about future events. These statements are
Slide 3: Porsche – A unique Story
Porsche – A unique Story ICONIC RESILIENT S U S TA I N A B L E PERFORMANCE BRAND PERFORMANCE LUXURY C U LT U R E 911 Carrera GTS (WLTP): Fuel consumption combined: 11.0 – 10.5 l/100 km; CO₂ emissions combined: 251 – 239 g/km; CO₂ class: G; Status 07/2024 PORSCHE PRESS & ANALYST 3 CALL H1 2024
Slide 4: Proven Formula of serving existing and new Customer Segments
Proven Formula of serving existing and new Customer Segments Inspire strategic target groups and build loyalty among existing customers High standard Driven Driven Creative Progressive Ambitious High income of living youth women leaders youngsters E X I S T I N G TA R G E T G R O U P S N E W TA R G
Slide 5: 2024 Product Year is moving forward strongly
2024 Product Year is moving forward strongly NEW NEW NEW NEW MI1 September MI1 April MI1 March MI1 July 2024 2024 2024 2024 1 Market introduction PORSCHE PRESS & ANALYST 5 CALL H1 2024
Slide 6: Youngest Product Portfolio in History
Youngest Product Portfolio in History AVER AGE AGE OF THE PRODUCT PORTFOLIO ( VOLUME -WEIGHTED) 1 3.0 1.5 1.7 1.9 1.7 1.3 2023 2024 2025 2026 2027 2028 1 Forecast, status: Q2/2024 PORSCHE PRESS & ANALYST 6 CALL H1 2024
Slide 7: Porsche ranks highest among Luxury Brands
Porsche ranks highest among Luxury Brands IN PRODUCT YE AR 2024 Nr. 1 in the luxury segment in the J.D. Power 2024 U.S. Initial Quality Study (IQS) Study measures initial vehicle quality during the first 90 days of ownership PORSCHE PRESS & ANALYST 7 CALL H1 2024
Slide 8: The new 911 World Premiere
The new 911 World Premiere POSITIVE E X TERNAL FEEDBACK New Porsche 911 revealed and it’s got hybrid Unveiling the Porsche 911 Carrera GTS Hybrid: A Porsche 911 GTS goes hybrid for 534bhp and power Revolution in Performance blistering track pace The first Porsche 911 hybrid is here – and fans Why Th
Slide 9: Higher Customer Demand for Individualization
Higher Customer Demand for Individualization SUPPORTS ELE VATION OF PRODUCT PORTFOLIO R E V E N U E F R O M I N D I V I D U A L I Z AT I O N 1 ( I L LU S T R AT I V E , P E R V E H I C L E ) Continued increase of revenue per vehicle from individualization since IPO +13.5% Extended Individualization
Slide 10: Lean Production Footprint
Lean Production Footprint WITH FULL FLE XIBILIT Y TO RESPOND TO ELECTRIFICATION DEMAND • Malaysia Cayenne 718 Boxster Osnabrück 718 Cayman Panamera Leipzig Macan Macan electric 911 Zuffenhausen Taycan Bratislava Taycan CUV / ST Cayenne Cayenne Coupé Drivetrain Portfolio: BEV HEV ICE …. PORSCHE PRESS
Slide 11: Strong Resilience based on Adaptation and Recalibration
Strong Resilience based on Adaptation and Recalibration SUPPORTED BY ROBUST OPER ATING MARGIN G R O U P O P E R AT I N G M A R G I N D E V E L O P M E N T (IN %) DIFFERENTIATED PORSCHE MODEL Ability to adapt and react quickly 15-17%1 16.0% 14-15%2 Lean production footprint 14.6% Global balanced sale
Slide 12: Porsche AG – A robust Business Model
Porsche AG – A robust Business Model FORGING AHE AD WITH PRODUCT YE AR 2024 AND ELE VATION OF THE BR AND TOPIC MES SAGE Q2 2024 17 % Group RoS in Q2: Illustrating a robust business model with a strong product portfolio, better product HIGHLIGHTS availability and strong mix able to compensate for cha
Slide 13: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W H1 2024 € 19.5 bn 15.7 % € 3.1 bn GROUP SALES GROUP RETURN G R O U P O P E R AT I N G REVENUE ON SALES PROFIT1 (-4.8 % compared (-320 bps compared (-20.5 % compared to previous year) to previous year) to previous year) 24.1 % 6.3 % 5.9 % AUTOMOTIV
Slide 14: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W H1 2024 € 2.9 bn € 6.1 bn AUTOMOTIVE AUTOMOTIVE O P E R AT I N G P R O F I T NET LIQUIDITY (Automotive (-15.4 % compared RoS 16.4 %) to 12/31/2023) € 1.7 bn € 0.9 bn AUTOMOTIVE RESEARCH A U T O M O T I V E C A P I TA L AND DEVELOPEMENT COSTS EXPEN
Slide 15: Group – Sales Revenue and Operating Profit
Group – Sales Revenue and Operating Profit H1 RESULTS 2023 VS. 2024 GROUP SALES G R O U P O P E R AT I N G REVENUE, IN € BN P R O F I T, I N € B N -4.8 % -20.5 % A robust business model able to compensate for challenges in individual 20.4 19.5 markets 3.9 3.1 Moving forward with the largest model of
Slide 16: Group – Operating Profit Development
Group – Operating Profit Development H1 RESULTS 2023 VS. 2024 C O N T R I B U T O R S T O O P E R AT I N G P R O F I T D E V E LO P M E N T, I N € B N Group Sales Revenues impacted by lower product availability in H1 and ‘value over -20.5 % volume‘ strategy in China 3.8 Positive impact from increase
Slide 17: Automotive – Sales Revenue and Deliveries
Automotive – Sales Revenue and Deliveries H1 RESULTS 2023 VS. 2024 AUTOMOTIVE SALES DELIVERIES, REVENUE, IN € BN IN K UNITS Lower Automotive Sales Revenues due to changeovers of Panamera, Taycan and -6.3 % -6.8 % Macan 18.9 167.4 Increased pricing, beneficial mix and 17.7 156.0 higher degree of indi
Slide 18: Automotive – Deliveries
Automotive – Deliveries H1 RESULTS 2023 VS. 2024 REGIONAL DISTRIBUTION Germany (+21.6 %) and Europe (+5.6 %) 167.354 DELIVERIES 155.945 DELIVERIES with strongest regional growth 10 % More balanced global sales mix 17 % 13 % 18 % Strongest quarterly performance in North 22 % America following customs
Slide 19: Automotive – Deliveries
Automotive – Deliveries H1 RESULTS 2023 VS. 2024 MODEL DISTRIBUTION, IN K UNITS Youngest model range in company’s H1-23 46,884 54,587 +16 % history H1-24 H1-23 47,755 Stable sales in the year of product -18 % H1-24 39,167 launches with a moderate decrease of 7% H1-23 compared to previous year 26,124
Slide 20: Automotive – Deep Dive on Vehicle Sales
Automotive – Deep Dive on Vehicle Sales H1 RESULTS 2023 VS. 2024 REGIONAL DISTRIBUTION, % OF VEHICLE SALES With 81,339 units, vehicle sales noticeably recovered in Q2 after 170.802 customs-related delays in Q1 9% 151.944 Germany Sales of 718 and 911 remain 11% 27% continuously robust North America2
Slide 21: Automotive – Operating Profit
Automotive – Operating Profit H1 RESULTS 2023 VS. 2024, IN € BN -20.5 % Automotive Sales Revenues impacted by 3.7 lower product availability in H1 and ‘value 2.9 over volume‘ strategy in China Positive impact from increased pricing and beneficial mix Elevated material costs, R&D expenses, D&A and la
Slide 22: Financial Services – Operating Profit
Financial Services – Operating Profit H1 RESULTS 2023 VS. 2024, IN € BN -25.8 % Penetration rate lower due to successive pricing of increased refinancing costs, model changeover and reduced sales 0.2 Lower portfolio margin due to delayed 0.1 pass-through of refinancing costs Unchanged robust risk pr
Slide 23: Automotive – Net Cash Flow and Liquidity
Automotive – Net Cash Flow and Liquidity H1 RESULTS 2023 VS. 2024, IN € BN N E T C A S H F LO W, N E T L I Q U I D I T Y, IN € BN IN € BN Cash flow from operating activities decreased due to lower Automotive -49.6% -15.4 % Operating Profit Increase in Working Capital due to 2.2 7.2 temporary higher
Slide 24: Force Majeure Event at Tier N Aluminum Supplier
Force Majeure Event at Tier N Aluminum Supplier SPECIFIC ALUMINUM ALLOYS REQUIRED FOR DISTINCTIVE LIGHT WEIGHT BO DY FORMS TIER N ALUMINUM SUPPLIER Force majeure event at important European aluminum supplier resulting in supply shortage of various suppliers with regard to aluminum alloys Body compon
Slide 25: Adjusted Financial Outlook 2024
Adjusted Financial Outlook 2024 MOST IMPORTANT PERFORMANCE INDICATORS 2023 PREVIOUS ADJUSTED OUTLOOK 2024 OUTLOOK 2024 Sales Revenue € 40.5 bn € 40 - 42 bn € 39 - 40 bn GROUP Return on Sales (RoS) 18.0 % 15 - 17 % 14 - 15 % EBITDA Margin 25.7 % 24 - 26 % 23 - 24 % AUTOMOTIVE Net Cash Flow Margin 10.
Slide 26: Capital Allocation Policy
Capital Allocation Policy DIVIDEND: 2023: € 2.30 / € 2.31 per ordinary / preferred share MID-TERM TARGET: 50 % pay-out ratio1 CAPEX & R&D: Focused investment program TECHNOLOGY & VENTURE: Select investments with preference for partnerships PENSION: Commitment to partially fund the pension deficit in
Slide 27: Group – condensed consolidated Income Statement
Group – condensed consolidated Income Statement IN € MN H1 2024 % H1 2023 % DELTA % Sales Revenue 19,457 100.0 20,431 100.0 -974 -4.8 (-) Cost of sales -14,251 -73.2 -14,522 -71.1 270 -1.9 (=) Gross profit 5,206 26.8 5,909 28.9 -703 -11.9 (-) Distribution expenses -1,379 -7.1 -1,293 -6.3 -86 6.7 (-)
Slide 28: Automotive – Research & Development
Automotive – Research & Development H1 2024 H1 2023 IN € MN Total research and development costs 1,665 1,545 % of Automotive Sales Revenue 9.4 8.2 Expensed research and development costs (A) 541 343 % Total research and development costs 32.5 22.2 Capitalized development costs 1,123 1,201 % Total re
Slide 29: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 30.06.2024 31.12.2023 DELTA % Intangible assets 9,110 8,554 556 6.5 Property, plant and equipment 9,570 9,394 175 1.9 Leased assets 4,491 4,190 301 7.2 Financial services receivables 4,744 4,676 68 1.4 Equity-accounted investment
Slide 30: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 30.06.2024 31.12.2023 DELTA % Equity before non-controlling interests 21,763 21,667 96 0.4 Non-controlling interests 9 1 8 > 100 Equity 21,772 21,668 104 0.5 Provisions for pensions and similar obligations 4,187 4,315 -127 -3.0 F
Slide 31: Financial Calendar 2024
Financial Calendar 2024 MARCH 12, 2024 Annual Media & Investors Conference 2024 APRIL 29, 2024 Quarterly Report January – March 2024 J U N E 07, 2024 Annual General Meeting 2024 J U LY 0 9 , 2 0 2 4 Porsche Pre-Close Call Q2 2024 J U LY 24, 2024 Half-Yearly Financial Report 2024 O C T O B E R 11, 20
Slide 32: Ferry Porsche quote
“Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams“ FERRY PORSCHE PORSCHE PRESS & ANALYST 32 CALL H1 2024
Dr. Ing. h.c. F. Porsche — H1 2024 Earnings Presentation on 6ix